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#1292900 - 11/24/09 09:15 PM SARs Shared With Third-Party Service Provider
Norrie Offline
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Joined: Feb 2008
Posts: 67
If a financial institution has a contract with a third-party service provider who performs transaction monitoring of the bank's account activity, is it okay for the bank to fax copies of filed SARs to the third-party service provider for follow-up monitoring purposes?

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#1292912 - 11/24/09 09:19 PM Re: SARs Shared With Third-Party Service Provider Norrie
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 39,557
Cape Cod
No. It's not permitted to share the SAR or the fact that the SAR was filed with third parties. Just those who work with them in the bank, audit and examiners, bank counsel and law enforcement.
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John S. Burnett
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#1292934 - 11/24/09 09:30 PM Re: SARs Shared With Third-Party Service Provider Norrie
Elwood P. Dowd Offline
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Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
I'm not certain why a third party would need evidence of prior activity. Regardless, the activity can be described to them without mentioning the SAR filing.
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In this world you must be oh so smart or oh so pleasant. Well, for years I was smart. I recommend pleasant.

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#1293200 - 11/25/09 01:49 PM Re: SARs Shared With Third-Party Service Provider Elwood P. Dowd
joser Offline
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Joined: Sep 2005
Posts: 68
NJ
Just a reminder -- Faxes are not a secure media

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